ππ Major Market Move Coming This Week? TOTAL2 at Tipping Point!
Chart #1 - Fantom (FTMUSDT) 8-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here)
Over the past two weeks, FTM has demonstrated robust support around the $0.36 mark. With indicators on medium timeframes showing a reset, there is potential for an upward trend in FTM. The initial goal is to break the descending resistance line, originating from early May, followed by testing the resistance zone between $0.3750 - $0.40.
Should FTM breach the resistance at that area, we could see the price testing the next resistance between $0.43 - $0.45.Β
On the contrary, if FTM's value dips below the $0.36 support level, the next significant support is approximately 10% lower, in the range of $0.30 - $0.33.
π£πΏπΆπΊπ² π«ππ§
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Chart #2 - Bitcoin (BTCUSD) 4-Hour Chart
Chartist: Kyle
(For the chart screenshot, click here)
Bitcoin is currently in a downtrend on the 4-hour chart, with its price remaining below both the 200 EMA and the downward sloping trend line.Β
In terms of short-term movements, a distinct range is evident, with the range low at $26,547 and the range high at $29,865.Β
If the price manages to maintain above the range low, we could anticipate a bounce back towards the range high. At that stage, trading should be based on this range, rather than the overarching downtrend. However, if the price dips below the range low again, it could suggest that the downtrend is persisting, implying a potential for even lower prices in the days ahead.
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Chart #3 - TOTAL2 3-Day Chart
Chartist: Kyle
(For the chart screenshot, click here)
The TOTAL2 is currently holding its position at the mid-range as well as its upward sloping and supportive trend line.Β
It's crucial now for bulls to maintain the price at this level and start pushing prices higher.Β
If they canβt, it could result in a breakdown, which would negatively affect most alts. From a trading viewpoint, we should then anticipate the price to revisit the range lows.
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Chart #4 - U.S. Dollar (DXY) 12-Hour Chart
Chartist: Sheldon
(For the chart screenshot, click here)
Since the first week of May, the DXY has been on an upward trajectory, rising from a significant support level at 101.00 to where it currently stands, at a substantial resistance level of 103.50. In contrast, the crypto market has largely moved sideways during this period.
Given that the DXY is currently encountering major resistance, it could be ideal to see a rejection here, leading to a downward trend reversal for the DXY. It could result in a test of the next support level at 102.50.Β
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Chart #5 - Bitcoin Fear and Greed Index
The Bitcoin Fear and Greed Index is sitting at 50 today, Neutral.
The highest the index has been over the past seven days is 52, and the lowest is 48.
Banterβs Take
Crypto prices have been fluctuating around their crucial pivot levels for several weeks. They've alternated daily, being above the pivot level one day and below it the next. The likelihood of range expansion and resolution is escalating, increasing the probability of a significant market movement occurring this week.
Stay safe my friends!
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